Alternative-market-listed Roxi Petroleum, the central Asian oil and gas company with a focus on Kazakhstan, said today it had received the first $10.4million (£6.5million) from the sale of the Galaz asset.
Roxi said the money will be used to develop its flagship BNG asset, adding: “Further announcements on receipts of Galaz proceeds will be made in due course.”
In January, Chinese firm Xinjiang Zhundong Petroleum Technology – listed on the Shenzhen stock exchange – agreed to purchase Galaz through a deal worth US$100million (£63million).
The transaction was for $50million (£31.5million) of cash, and also saw the Chinese buyer take on shareholder loans. Roxi had owned a 34.22% stake in Galaz.